Morrison v. National Australia Bank Ltd
Encyclopedia
Morrison v. National Australia Bank Ltd US is a US Supreme Court case concerning the extraterritorial effect of US securities legislation. Its effect was to bar all federal securities fraud suits in the US for securities traded on a foreign stock exchange. However the impact of the decision was almost immediately reversed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In late 2010 Fabrice Tourre of Goldman Sachs asked for dismissal of an SEC suit against him based on the repercussions of the Morrison v. National Australia Bank Ltd Supreme Court case, claiming his deals were outside the US and thus not subject to certain US laws.
In late 2010 Fabrice Tourre of Goldman Sachs asked for dismissal of an SEC suit against him based on the repercussions of the Morrison v. National Australia Bank Ltd Supreme Court case, claiming his deals were outside the US and thus not subject to certain US laws.